Jobs lost, businesses halted or shutdown, earnings reduced - this is the current economic situation in most parts of the world nowadays. A lot of people find it hard to make ends meet and a lot has been living under a stressful economic crisis.
A lot of people are asking - can I still save when life is this hard? The answer : "Yes! Of course, you can! Just bear in mind two things - spend less, earn more.
Spend LESS
Saving during a pandemic is the smartest thing to do. So stop the panic and fear, fight back and start building up a stash of cash.
Spend LESS
You might have cut your spending on transportation since COVID19 hit us. So think of other top three expenses that you can cut back on. That would be rents and subscriptions, eating out and sporadic spending on clothing and material items that you want but not necessarily need.
Earn MORE
Money is about so much more than math and finances can have a big impact on your emotions and sense of meaning. Start off with quick wins, wins that you can achieve. Save any amount you can. This fund will take time to build but once you start to see that number grow, you're going to feel much safer and much better equipped for whatever comes your way.
Aside from the fact that rents are now reduced or suspended, you can also try to check whether the space you have is big for you, rent a smaller pad, and be minimalist. If you don't want to move to another space, you may try to talk to the owner to give you extensions of payment until you have saved enough for it.
Check your subscriptions and memberships, you might not really need most of them. Go for a free source of entertainment. If you have more than one credit card, you might want to identify which one is the most beneficial.
Because most restaurants and bars are closed during the pandemic, it's easy to cut down one big-ticket item which is eating out. But deliveries are tempting, and a lot of backyard food businesses have sprouted like mushrooms. You can try to support those local businesses as it is still cheaper than restaurants and fastfood chains but do not overspend. Since you have a lot of time at home, cook from scratch using local and in season produce.
Because most restaurants and bars are closed during the pandemic, it's easy to cut down one big-ticket item which is eating out. But deliveries are tempting, and a lot of backyard food businesses have sprouted like mushrooms. You can try to support those local businesses as it is still cheaper than restaurants and fastfood chains but do not overspend. Since you have a lot of time at home, cook from scratch using local and in season produce.
Determine your needs and wants. Needs are things required for survival like water for drinking, food to eat, and shelter to live in, a want is everything else that are there to make life a little more enjoyable and comfy. In this time of a pandemic you don't really need to add more to your wardrobe if you still have decent and comfortable clothes to wear daily inside the house or when going out for groceries. You might not be needing new clothes even if you still have work because most meetings are done online.
Earn MORE
Now is a crucial time to get creative when it comes to making money. If you are among the millions of people who don't have work amid this pandemic, you’re facing roadblocks not seen in years. With high unemployment rate, competition is fierce for the jobs that are available. You have to think outside the box, whether it is starting your own business or taking a part-time job while you're looking for a full-time employment.
To begin your journey to earning more, take stock of your skill set. Remote jobs are becoming more common, you may look for one. A part-time job will help you make ends meet while you search for a permanent gig. It is a “real option to bring in income fairly quickly” because the hiring process tends to be quicker than that of full-time jobs.
Starting a business is another option, but with the hurdles small businesses are now facing, it may seem counterintuitive to start your own company right now. However, some of the most successful businesses have been started during times of economic downturn, and even in the country, there are a lot of success stories from our kababayans who made a big leap in their chosen businesses and industries amidst the uncertainties. If you have the courage, the guts and at least a small capital to start your passion, do it now to earn more.
To begin your journey to earning more, take stock of your skill set. Remote jobs are becoming more common, you may look for one. A part-time job will help you make ends meet while you search for a permanent gig. It is a “real option to bring in income fairly quickly” because the hiring process tends to be quicker than that of full-time jobs.
Starting a business is another option, but with the hurdles small businesses are now facing, it may seem counterintuitive to start your own company right now. However, some of the most successful businesses have been started during times of economic downturn, and even in the country, there are a lot of success stories from our kababayans who made a big leap in their chosen businesses and industries amidst the uncertainties. If you have the courage, the guts and at least a small capital to start your passion, do it now to earn more.
Time to SAVE
If you started to spend less and you are already earning, that's the time to save. It doesn't matter how much you save - P20, P100, P1,000 - what matters is that you are dedicated to it and you are serious about it. Make it a habit to save - it can be daily, weekly or monthly.
One effective way to secure your savings is to avail savings account that lets you save with no worries like the Cebuana Lhuiller Microsavings. For just P50.00, you can open your own savings account with no hassle. You can even open an account for your kids as young as 7 years old so they will know the value of saving at their young age and make it a habit as they grow. Cebuana Lhuiller Microsaving also offers a very competitive interest rate of 0.20% - that's higher than other savings account can provide. Just maintain P500 balance to keep earning. When it comes to deposits and withdrawals, Cebuana Lhuiller has over 2,500 branches all over the country where you can transact at your most convenient time. Your account is also accredited to more than 21,000 Bancnet ATM's nationwide and you can even use it to pay at any 350,000 Unionpay and Bancnet accredited retail stores all over the Philippines.
Money is about so much more than math and finances can have a big impact on your emotions and sense of meaning. Start off with quick wins, wins that you can achieve. Save any amount you can. This fund will take time to build but once you start to see that number grow, you're going to feel much safer and much better equipped for whatever comes your way.